BTCUSD Daily TF
I currently see 4 Scenarios for price action over the next couple of weeks.
#1 Bullish: Current rejection off the Daily Resistance may see price fall to internal uptrend trendline. RSI is beginning to trend upwards nicely and we have cleared the 50.00 level. If price can respect uptrend then we may have another test of Daily Resistance. If we break this key level then we might see a retest before continuation to test Previous Highs. MACD would spread wider and continue Bullish. MA20 would trend upwards.
#2 Short Term Consolidation: If price tests Internal Trendline and fails then I am looking for Daily Support. This would also mean price would test 20MA (Moving Average) and fail. RSI would break 50.00 level and uptrend. MACD would show continued weakness and potentially cross Bearish. Then I would be looking for price to regain stability around Daily Support. The decider for me would be reaction off Long Term Uptrend Trendline.
#3 Longer Consolidation: Price would break Long Term Uptrend but hold above Daily Support. RSI would hover at a particular level (Potentially the 50.00), MACD would stabilise with the histogram showing smaller Bullish/Bearish movement. This would give ALTS room to skyrocket.
#4 Bearish: All Daily Trends and Supports would break with RSI and MACD showing Bearish action, potentially crossing into Oversold territory (which we haven’t seen since MAR 2020). I would then be looking at Weekly/Monthly Support as well as Key Fib Retracement Levels.
Which scenario are you seeing? What have I missed?
TA Tools/Indicators: Support/Resistance, Trendlines, MACD, RSI, Moving Average (20)
"DISCLAIMER: NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation."
I currently see 4 Scenarios for price action over the next couple of weeks.
#1 Bullish: Current rejection off the Daily Resistance may see price fall to internal uptrend trendline. RSI is beginning to trend upwards nicely and we have cleared the 50.00 level. If price can respect uptrend then we may have another test of Daily Resistance. If we break this key level then we might see a retest before continuation to test Previous Highs. MACD would spread wider and continue Bullish. MA20 would trend upwards.
#2 Short Term Consolidation: If price tests Internal Trendline and fails then I am looking for Daily Support. This would also mean price would test 20MA (Moving Average) and fail. RSI would break 50.00 level and uptrend. MACD would show continued weakness and potentially cross Bearish. Then I would be looking for price to regain stability around Daily Support. The decider for me would be reaction off Long Term Uptrend Trendline.
#3 Longer Consolidation: Price would break Long Term Uptrend but hold above Daily Support. RSI would hover at a particular level (Potentially the 50.00), MACD would stabilise with the histogram showing smaller Bullish/Bearish movement. This would give ALTS room to skyrocket.
#4 Bearish: All Daily Trends and Supports would break with RSI and MACD showing Bearish action, potentially crossing into Oversold territory (which we haven’t seen since MAR 2020). I would then be looking at Weekly/Monthly Support as well as Key Fib Retracement Levels.
Which scenario are you seeing? What have I missed?
TA Tools/Indicators: Support/Resistance, Trendlines, MACD, RSI, Moving Average (20)
"DISCLAIMER: NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation."